Declining Balance Depreciation

Irons Delivery Inc. purchased a new delivery truck for $43,200 on January 1, 2023. The truck is expected to have a $2,000 residual value at the end of its 5-year useful life. Irons uses the double-declining-balance method of depreciation.

Required:

Prepare the journal entry to record depreciation expense for 2023 and 2024. If an amount box does not require an entry, leave it blank.

2023 Dec. 31	Accumulated DepletionAccumulated DepreciationAmortization ExpenseDepletion ExpenseDepreciation Expense	- Select -	- Select -
	Accumulated DepletionAccumulated DepreciationAmortization ExpenseDepletion ExpenseDepreciation Expense	- Select -	- Select -
2024 Dec. 31	Accumulated DepletionAccumulated DepreciationAmortization ExpenseDepletion ExpenseDepreciation Expense	- Select -	- Select -
	Accumulated DepletionAccumulated DepreciationAmortization ExpenseDepletion ExpenseDepreciation Expense	- Select -	- Select -